The Bon-Ton Stores Inc. has named Debra Simon, wife of chairman and chief initiatives officer Tim Grumbacher, to its board of directors.
The board expanded its membership to 10 to accommodate the new addition. Simon, 57, worked as a CPA at York, Pa.-based accounting firm SF & Co. (now Baker Tilly) for 32 years. She retired last year, after five years as chief operating officer of SF & Co. Simon holds a bachelor’s in accounting from The Pennsylvania State University. She also is chair of the Susan P. Byrnes Health Education Center in York, Pa.
“We are very pleased to welcome Debra as a member of our board of directors,” Grumbacher said in a statement on behalf of the board. “Debra has an extensive finance and accounting background, as well as experience in strategic planning, human resources and operational management. We welcome her insight as we strive to execute our business strategies for profitable growth and increased shareholder value.”
There is no concern about a conflict of interest with the appointment of Simon to the Bon-Ton board, said Kim George, vice president of investor relations at Bon-Ton.
“There’s SEC rules and various rules that would prevent Debra from participating in various board committee assignments, but otherwise there’s no conflict of interest,” George said.
George said she doesn’t know if others were considered for the new director position, but that Simon is well-qualified.
“She was a CPA for 32 years, so she does bring a significant financial acumen to the board,” she said.
Grumbacher was among those voting for Simon’s appointment, she said.
“It requires all members to vote,” George said. “I’m not aware of him recusing himself.”
The Bon-Ton Stores has dual headquarters in Milwaukee and York, Pa. It operates 267 department stores in 26 states under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers brands.
